In May 2018, you may be able to get a 0% balance transfer deal lasting three years if you pay a fee. Or you can get a 27-month deal with no fee to pay! These are the table-topping deals. If you don't have a very good credit rating you aren't going to get a great deal. Always use a soft checker to see which cards you are likely to be offered, don't just apply and risk being refused. Good … [Read more...]
Articles about "Snowballing" - how to clear debt fast
"Snowballing" is the name given to method of paying off your debts as fast as possible, by paying the minimum to all except one and overpaying that one by as much as possible every month. You will also end up with a great credit record!
To find how this works, how to choose which debt to make your top priority and ideas about how you can snowball most effectively, see Debt Camel's Guide to Snowballing.
This page is an archive of all articles about Snowballing in date order.
A few taps on your mobile and that handbag, those kids' clothes or this kitchen gadget is on its way to you. This can be very convenient with busy lives and little time to go to the shops. But when money is tight or you want to save for something important, is it just too easy to overspend? If it's difficult to resist temptation and you want to cut back a bit - or a lot - to stop wasting … [Read more...]
A reader asked: "We went to see a mortgage adviser to check if we qualify for a mortgage. We are first time buyers, me and my husband have 4 credit cards each and loans. Because we have a lot of debt, he advised us to go to our respective banks for debt consolidation by taking up a loan each to make one payment on all our debts. He said that was the best option for now. Also in that way we … [Read more...]
If you are making the minimum payment to a credit card it will probably feel as though you are only paying interest and the balance isn't going down. You aren't alone - in July 2016 new research found that over 1.4 million people in Britain have been making minimum payments for three years or more. If you are caught in this minimum payment trap, what can you do? Of course it would be best to … [Read more...]
In 2018 there is a lot of competition to get the top spot in the credit card best buy 0% transfer tables. In January 2018 the longest balance transfer period is 38 months. You can see the current "best buys" for balance transfers here. If you know you can clear the debt soon, go for a zero or very low fee. But if that is being too optimistic, look for the longest 0% period you can get. Those … [Read more...]
If you are determined to pay off your debts, then you may have heard of "snowballing" - it's the approach where you pay the minimum to all of your debts except one, which you overpay by as much as possible each month. (If you can't afford to pay the minimums to your debts, snowballing isn't for you - look at A simple roadmap of debt solutions to see what your options are.) But which debt should … [Read more...]
A reader asked about the best way to clear debt: "I owe about 12k and my partner a bit more. We are well paid but we can't rely on the bonuses and we want to get a house as soon as possible. What do you suggest? Preferably easy as we both work long hours - please don't tell me to take sandwiches to work!" First well done on taking the decision to do something about your debts. It's pretty easy … [Read more...]
If you have a pile of debt you need to clear, is it better to increase your income or cut your expenses? Obviously either can be a big help, which is why they are both included in Debt Camel's Toolkit for Improving Your Finances. But I asked two of my favourite personal finance bloggers in Britain to write about which approach feels more important to them. Jane Clark is the blogger … [Read more...]
Paying off debt can feel like a battle with your creditors - but what if this battle was a game of tennis? Listening to the Wimbledon commentators gives clues about how the top players approach training and big matches ... and here are five ideas that can also be applied to clearing debt. 1) Improve your skills "She's been working hard on her backhand all year and it shows!" Professionals … [Read more...]
This week many Halifax credit card holders have received a letter saying there is a change to the way their interest rate will be set in future. The letter says your current interest rate isn't increasing so this may sound pretty harmless, but it's worth a closer look as you may want to reject the change. The new interest rate formula At the moment, Halifax simply sets an interest rate for you, … [Read more...]